Elon Musk has made Dogecoin rate rise again
Tesla’s CEO has once again influenced the value of the asset via a Twitter post
14.12.2021 - 11:15
318
2 min
0
What’s new? Tesla CEO Elon Musk once again mentioned Dogecoin, stating that it is better for everyday payments than bitcoin. He stressed that bitcoin is more suitable as a means of savings, so the investors prefer to accumulate it rather than sell it or use it for payments. Dogecoin, however, did not react to Musk's remarks in any way. It was only after he published a post on his Twitter account that the asset's exchange rate rose.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
What is Musk's view? According to Musk, Dogecoin is not that good as a store of value:
“Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, has a much higher potential than Bitcoin. Dogecoin is slightly inflationary. However, it encourages people to spend rather than accumulate as a store of value.”
Why did Musk recall the coin now? Dogecoin has started to lose its position since early November, dropping from $0,3 to $0,16. It is likely that Elon Musk has once again decided to support his favorite coin by arguing about its advantages. The asset rate rose to $0,19 after his Twitter post. Earlier was mentioned that Musk's remarks about the coin positively affect both its value growth and the number of investors.
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024